The Federal Competition and Consumer Protection Commission (FCCPC) has begun enforcing compliance among Digital Money Lending (DML) operators who failed to regularize under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations (DEON), 2025.
A spokesperson, Ondaje Ijagwu, confirmed that the deadline for compliance was Monday, January 5, 2026, and operators who missed it are now facing regulatory action.
FCCPC Executive Vice Chairman Tunji Bello explained that the enforcement aims to ensure discipline, transparency, and consumer confidence in Nigeria’s booming digital lending sector, while protecting legitimate businesses.
Key steps being implemented include:
- Withdrawal of conditional approval for DML operators who failed to regularize.
- Removal from FCCPC’s published register of approved digital lenders, warning consumers to exercise caution.
- Engagement with application platforms and payment service providers to monitor compliance.
Operators provisionally eligible under transitional arrangements have been given until April 2026 to finalize registration. Those who fail to comply may face further regulatory measures.
Bello emphasized that the FCCPC register serves as a key consumer guide, helping users identify compliant digital lenders while shielding honest operators from unfair competition and protecting consumers from abusive or unlawful practices.
Be the first to comment